Political News and Commentary from the Right

Press Release from Senator David Vitter (R-LA)

Vitter Issues Statement on Release of Additional TARP Funds

January 12, 2009 –

(Washington, D.C.) – U.S. Sen. David Vitter today issued the following statement in response to President Bush’s request to release additional funds under the Troubled Assets Relief Program on behalf of President-elect Obama’s incoming administration. The decision would release the second $350 billion of the $700 billion authorized by Congress last fall in response to the widening financial crisis.

“When I publicly opposed the first bailout back in September, I did so because I was concerned that it would lead us down a slippery slope and encourage further bailouts. By now, it is clear that it has. Since then, we’ve bailed out mismanaged auto companies, and now we are seeing a move in Congress to ensure that the entire $700 billion authorization will be spent.

“Considering the harsh criticism that has accompanied the management of the first half of the $700 billion released by the government, I believe that the release of the other half would be grossly irresponsible. The safeguards that Congress has put in place to prevent the misuse of this money amount to little more than window dressing. I continue to oppose these bailouts, and I believe that responsible action demands some form of oversight.

“Although President Bush has to officially request that Congress release this money, congressional action is not required to release the remainder of these funds. But this process does allow Congress to pass a disapproval resolution to prevent the release of these funds, and I plan on leading an effort that would do just that. Before we write another $350 billion check, we must ensure that the money will be used effectively. We cannot afford – and our kids and grandkids cannot afford – to make any more mistakes,” said Vitter.

GOP Leader: “I remain disappointed about the way TARP has been managed and how its resources have been spent over the last several months.”

Washington, Jan 12 – After President Bush announced that he would request the final $350 billion in Troubled Asset Relief Program (TARP) funds at President-elect Obama’s request, House Republican Leader John Boehner (R-OH) issued the following statement:

“I remain disappointed about the way TARP has been managed and how its resources have been spent over the last several months. From the outset, the program has been implemented with too little transparency and in a manner inconsistent with the way it was presented to Congress last fall. Until officials can present a clear plan to Congress – and, most importantly, to taxpayers – demonstrating how the expenditure of additional TARP funds will benefit our economy and making clear an exit strategy for getting the government back out of the private sector, it would be irresponsible for Congress to release the remainder of these resources. I will oppose the release of these taxpayer funds when the matter is considered on the House floor.”

NOTE: Boehner has written to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke on several occasions raising questions about the implementation of TARP. On December 3, 2008, House Republican leaders sent a letter to Secretary Paulson and Chairman Bernanke, outlining concerns about the program’s lack of transparency to date. On October 29, 2008, Boehner wrote to Secretary Paulson expressing his concern with how some of the TARP funds were being utilized.

“Blagojevich obviously is a corrupt individual. I think that’s pretty clear,” Reid said. “And the reason that he’s done what he’s done is to divert attention from the arrest that was just made of him and the indictment which will be coming in a few days, according to the U.S. attorney in Illinois. That’s why President-elect Obama agreed with us that Mr. Burris is tainted.”

It is truly regrettable that despite requests from all 50 Democratic Senators and public officials throughout Illinois, Gov. Blagojevich would take the imprudent step of appointing someone to the United States Senate who would serve under a shadow and be plagued by questions of impropriety. We say this without prejudice toward Roland Burris’s ability, and we respect his years of public service. But this is not about Mr. Burris; it is about the integrity of a governor accused of attempting to sell this United States Senate seat. Under these circumstances, anyone appointed by Gov. Blagojevich cannot be an effective representative of the people of Illinois and, as we have said, will not be seated by the Democratic Caucus.

Next week we will start one of the most important debates of the year — outlining an economic recovery plan to create jobs and invest in America. And in the coming weeks, we will be working to protect homeowners and consumers, make America more energy independent, strengthen our national security, and improve health care and educational opportunities. There is much work to do and a lot at stake. It is thus critical that Illinois and every other state have two seated Senators without delay.

We again urge Gov. Blagojevich to not make this appointment. It is unfair to Mr. Burris, it is unfair to the people of Illinois and it will ultimately not stand. The governor must put the interests of the people of Illinois and all Americans first by stepping aside now and letting his successor appoint someone who we will seat.

President-elect Obama concurred with Senate Dems and reiterated his previous call for his old buddy, old pal, old friend Blagojevich to step aside and allow “a lawful and appropriate succession to take place.”

Apparently, its principles be damned for Democrats though–if there’s a chance it could mean losing a Senate seat to an untarnished Republican.

Obama vacillated, on January 7, stating he’d be willing to work with him if he was seated and pressured Reid to sweep the “tainted” (remember, that’s what Reid called him) appointee into his seat. You see, with so much focus on Blago’s troubles, the idea of Obamatopia was quickly fading as the fingers of the scandal reached closer to the President-elect.

Reid, as does a cowardly dog, tucked his tail and scurried from his previous principled position. Today, he announced that Senate Democrats will seat the “tainted” Burris, throwing principles to the wind and further undermining Democratic claims of honesty and transparency.

In the final analysis, it all boils down to Democrats’ unwillingness to stand on principle if it might mean losing a seat in their near filibuster proof majority. Principle is valueless if it might cost them anything.

‘Atlas Shrugged’: From Fiction to Fact in 52 Years

Some years ago when I worked at the libertarian Cato Institute, we used to label any new hire who had not yet read “Atlas Shrugged” a “virgin.” Being conversant in Ayn Rand’s classic novel about the economic carnage caused by big government run amok was practically a job requirement. If only “Atlas” were required reading for every member of Congress and political appointee in the Obama administration. I’m confident that we’d get out of the current financial mess a lot faster.

Many of us who know Rand’s work have noticed that with each passing week, and with each successive bailout plan and economic-stimulus scheme out of Washington, our current politicians are committing the very acts of economic lunacy that “Atlas Shrugged” parodied in 1957, when this 1,000-page novel was first published and became an instant hit.

And surprisingly, they keep coming from liberal California universities.

If you recall, the other day Michelle Malkin shook the dust off a 2005 UCLA study that found FDR’s massive economic recovery plan, The New Deal, actually prolonged The Great Depression. Still, Obama disregards such science and claims economists “from across the spectrum” agree that massive government spending is the only thing that can revive this economy.

Okay, well maybe he just thinks the conclusions reached in that study were wrong. Perhaps if there were others proving his plan (for which we’ve seen virtually no details, but he keeps assuring us it exists) wrong, maybe then he’d wake up and see the fallacy of his thinking.

Well, here’s a post on The American Thinker describing two studies, one from UC Berkeley and the other from UC San Diego, that conclude tax cuts produce more than twice the growth in GDP than government “stimulus” spending.

So we have three studies conducted by liberal universities in the solid blue state of California all concluding that a conservative approach to stimulus–primarily tax cuts–is more than twice as effective in accomplishing its goal than is a liberal approach–namely government spending.

History and economics tell us Obama’s strategy won’t work, but he’s charging ahead. Promising trillion dollar deficits (yes that’s $1,000,000,000,000) for the foreseeable future, but saying the alternative is really bad. His own economists have stated their predictions for growth can’t be trusted, but “The Smooth Talker from Chicago/Hawaii/Kenya/????” is dead set on pursuing this perilous path.